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Join us. Oasis Petroleum Inc. () - Get Report surged late in Thursday, Nov. 1, trading, up over 2% to $10.27 per share around 2:45 p.m., amid takeover speculation regarding the oil …

Oasis Petroleum Inc. NYSE: OAS.

Existing shares are virtually certain to be canceled.

Grace period allows the company to make the due payments within 30 days to avoid a formal default.

A comprehensive source for coverage of the financial landscape of the oil and gas industry. (ECA) - Get Report would acquire competitor Newfield Exploration Co. Oasis is a company formed upon a platform of values. In connection with the RSA, and subject to court approval, Oasis Petroleum has received a commitment for $450M in debtor-in-possession financing from its existing lenders. Latest data shows the largest indicative borrow rate increases among liquid option names include: Digital Ally (DGLY) 48.42% +2.21, Aphria (APHA) 10.25% +1.79, Genprex (GNPX) 79.99% +1.27, Carnival (CCL) 8.37% +0.49, Jumia Technologies (JMIA) 18.77% +0.24, Forum Merger II (FMCI) 0.61% +0.21, American Airlines (AAL) 2.81% +0.18, Oasis Petroleum (OAS) 26.25% +0.15, Canopy Growth (CGC) 13.09% +0.15, and Macerich (MAC) 9.89% +0.14. Oasis Petroleum (OAS) announced that it has entered into a restructuring support agreement, or RSA, with substantially all of its lenders in Oasis Petroleum's revolving credit facility and holders of 52% of the aggregate principal amount of the company's bonds on a comprehensive "pre-prepackaged" restructuring plan. Oasis Petroleum The company also has received a commitment for $450 million in debtor-in-possession financing from its existing lenders. Through this financial restructuring, Oasis Petroleum intends to reduce its total indebtedness by $1.8B, representing 100% of its senior unsecured notes and senior unsecured convertible notes. (JAG) - Get Report , Parsley Energy Inc. (LLEX) - Get Report , Resolute Energy Corp. Shares, which fell nearly 15% premarket on the news, were last down 9.1% at 48 cents. TheStreet's sister site The Deal and analysts at Tudor, Pickering, Holt reported an interesting similarity between Oasis' trading valuation and that of Newfield Exploration, which was acquired by Encana on Thursday for $5.5 billion, but no reports have emerged suggesting Oasis is in merger talks at this time. The following entities are not included in the Oasis Petroleum Chapter 11 filing: Oasis Midstream Partners and subsidiaries, OMP Operating, Bobcat DevCo, Beartooth DevCo, Bighorn DevCo and Panther DevCo. Most states have ignored the advice about social distancing and... Each year, millions of Americans relocate to somewhere else in... ALSO READ: 4 Companies in Late-Stage Coronavirus Vaccine Testing: Will Big Pharma Win the Race. Additionally, the company has entered into a commitment letter for an exit revolving credit facility with borrowing capacity up to $575M. Midland, TX

The pop in Oasis Petroleum's stock comes even as West Texas Intermediate oil prices slid more than 2.5% Thursday afternoon to about $63.59 a barrel, as strong U.S. supplies eased traders fears over Iran-sanction related global oil deficits. Oasis joins at least 18 other oil and gas companies that have filed for bankruptcy in just the third quarter of this year. The company owed interest on $244.8 million worth outstanding unsecured convertible notes due 2023 and $834.5 million worth outstanding unsecured notes maturing in 2022, according to Refinitiv Data. Upon emergence, the company expects to have approximately $340M of borrowings under the Oasis Petroleum credit facility. As you were browsing something about your browser made us think you were a bot. Click here to register and watch for free. Gun sales have soared in the past year. 58801 Upon court approval, the new financing, along with cash generated from the company's ongoing operations, is expected to provide sufficient liquidity for the company to continue operating in the ordinary course during the court-supervised process. Suite 1500 At Tuesday’s closing price, Oasis had a market cap of about $131 million. (CPE) - Get Report , Jagged Peak Energy Inc. Oasis Petroleum skipped payments due September 15 on some of its debt, Bloomberg Law reports.